March 27, 2020
COVID-19: ITG Commitment
Schedule B – Part I  Requirement Clarification
Iowa Title Guaranty continues to monitor the COVID-19 virus and its impact on our participants, industry partners and staff. ITG is committed to providing timely updates as to any new policy changes as this rapidly evolving pandemic unfolds. 
As provided in our update on March 23, 2020, Iowa Title Guaranty is no longer requiring the COVID-19 exception to appear in Schedule B - Part II, Exceptions of the commitment. ITG initially created the exception to mirror those of other national underwriters, but underwriter policies are rapidly changing as the pandemic unfolds. 

We have now reprogrammed CAP to allow field issuers to remove the exception still appearing on Schedule B – Part II, Exceptions of  commitments that were issued between March 19, 2020 and March 23, 2020.

ITG still requires that the closer confirm the county recorder and courthouse are processing filings and permitting abstractor access to perform necessary final title searches through the date of the vesting deed and/or guaranteed mortgage filing.

Please see clarifications below as to the requirement now populating in Schedule B - Part I, Requirements of ITG commitments:

1. The requirement will not appear as an exception on Schedule B – Part I or II of   the final certificate; 
2. The requirement also does NOT impact the lender’s CPL and GAP coverage ;
  • If the closer fails to abide by the requirement resulting in a loss, the lender could recover under the CPL.
  • ITG would pay valid claims and later seek recoupment from the closer.
3. ITG is not requiring lenders execute indemnification agreements or other similar types of GAP affidavits.
The wellbeing of our participants, industry partners and staff remains our priority. Please continue to implement the best practices recommended by local, state and federal authorities.

Should you have any questions or concerns, please contact the Iowa Title Guaranty team.